Ethereum (ETH) core devs once again discussed the proposed Application Specific Integrated Circuit (ASIC)-resistant Proof of Work (PoW) algorithm ProgPoW during their weekly meeting on March 15. This week, the devs again reached an overall consensus that the algorithm should be implemented, while the timeline for its implementation remains unclear. When discussing the algorithm, the developers argued over how effective ProgPoW will prove to be at diminishing the efficiency advantage of ASICs. Ethereum core developer Greg Colvin noted that the team has discussed such doubts many times in the past. He also pointed out that the decision has already been …

Renewable energy will not solve Bitcoin’s (BTC) sustainability problem according to a blockchain specialist at Big Four auditing company PwC, Alex de Vries. De Vries presented his argument in a study published in sustainable energy journal Cell on March 14. The research cites estimates from de Vries’ website, according to which Bitcoin consumed anywhere from 40 terawatt hours (TWh) to 62.3 TWh throughout 2018. According to the paper, this is on par with the energy consumption of countries like Hungary (40.3 TWH) and Switzerland (62.1 TWh). De Vries quotes research published in 2014 that estimates that the energy consumption of …

Volatility coupled with one of the longest bear markets ever experienced by the cryptocurrency industry have compelled many investors to consider staking as a method of “playing it safe,” according to a Bloomberg article. Staking, which is similar to earning dividends or interest on your investment, is not a new concept. However, in a long bear market, it does become more prevalent among cryptocurrency investors, as possible gains from regular trading are not as fruitful. As Kyle Samani, managing partner at Multicoin Capital Management, stated to Bloomberg: “Regardless of market conditions, staking provides returns denominated in the asset being staked. …

An online vote over the implementation of ProgPoW in the Ethereum (ETH) proof-of-work (PoW) algorithm shows a majority in favor of the change, according to the results updated today, Feb. 15, on the dedicated voting portal. ProgPoW is an application-specific integrated circuit (ASIC)-resistant PoW algorithm meant to replace ETHhash, Ethereum’s current PoW algorithm. By defining the algorithm as ASIC-resistant, ETH developers mean that the algorithm would decrease — but not eliminate — the efficiency advantage of mining using ASICs over using generic hardware such as graphics processing units (GPUs). At press time, over 76 percent (628.000 ETH, equivalent to over …

New Ethereum (ETH) being generated through mining is at its lowest rate ever, Etherscan data reveals on Feb. 11. According to Etherscan, on Feb. 10, 13,370 new ETH have been created, down from over 20 thousand in December 2018 and an all-time-high of over 39 thousand reported on July 30, 2015. The recent sharp decrease in the quantity of newly mined ETH was evidently caused by a sudden increase in Ethereum mining difficulty, which Etherscan data revealed on Feb. 10. As Cointelegraph reported in September last year, Ethereum’s core developers decided on their regular meeting on August 31, 2018 to …

Ethereum (ETH) core developers have delayed the decision to implement Application-Specific Integrated Circuit (ASIC)-resistant proof-of-work (PoW) algorithm ProgPoW. According to an Ethereum core developer meeting on Feb. 1, the team wants to wait until the algorithm is audited by a third party. Ethereum core developer Hudson Jameson declared during the call that “there is a group forming or multiple groups forming to perform an independent audit on ProgPoW.” He explained that the audit is an attempt to establish how effective the algorithm would be in leveling the playing field for different kinds of hardware used to mine crypto, including GPUs, …

A Bloomberg article published today, Feb. 1, suggests that proof-of-stake (PoS) token investors have a unique option to survive the protracted crypto market slump: staking their holdings. In blockchains that use a PoS system — as opposed to proof-of-work (PoW) — nodes in the network engage in validating blocks, rather than mining them. A deterministic algorithm selects block validators based on the number of tokens a given node has staked in their wallet — i.e. deposited as collateral in order to compete to add the next block to the chain. As Bloomberg reports, staking holdings in a PoS network can …

A recent report from the Bank of International Settlements (BIS) has cast a spotlight on the efficacy and longevity of the proof-of-work (PoW) consensus and the future of Bitcoin. The paper takes an in-depth look at how the Bitcoin protocol verifies payments using blockchain technology and various consensus algorithms. PoW algorithms are a major point of discussion, with the author suggesting two major drawbacks. Firstly, the high cost of ensuring payment finality in a reasonable time frame, and the belief that PoW systems won’t produce adequate transaction fees to guarantee payment security in the long run. It is a controversial …

Bitcoin’s (BTC) problems are only solvable by departing from a proof-of-work (PoW) system, according to research published by the Bank for International Settlement (BIS) on Jan. 21. According to the paper, when in the future Bitcoin’s block rewards fall to zero — given that only a limited number of new Bitcoin will ever be created — transaction fees alone will not be able to sustain mining expenses. The argument implies that the Bitcoin network would become so slow that it would be virtually unusable, stating: “Simple calculations suggest that once block rewards are zero, it could take months before a …

The Ethereum Classic 51 percent attacker has reportedly returned $100,000 to cryptocurrency exchange Gate.io, a post on the official exchange’s blog reports on Jan. 12. The company further noted that they tried contacting the attacker but didn’t get any reply until now, and that they do not know the reason why the funds have been returned. The exchange declared: “If the attacker didn't run it for profit, he might be a white hacker who wanted to remind people the risks in blockchain consensus and hashing power security.” A white hat hacker is a hacker with a strong professional ethic who …

Just two weeks into the new year and the cryptocurrency community is grappling with the reality of an alleged “51 percent attack” on the Ethereum Classic (ETC) blockchain. While there is still no clear idea of who is responsible for the manipulation of ETC’s blockchain by controlling the majority of CPU power in the mining pool, the circumstances raise some big questions concerning the security and power of proof-of-work (PoW) algorithms. It is worth taking a look at the chain of events leading up to the confirmation that ETC had indeed been the target of a blockchain reorganization. On Jan. …

Researchers from crypto exchange Gate.io report they have confirmed that a 51 percent attack successfully occurred on the Ethereum Classic (ETC) blockchain. The company published an analysis of their findings Jan. 8. Gate.io Research has published its analysis of ETC transactions on its platform during the alleged attack, claiming it has detected seven rollback transactions — four of which were reportedly conducted by the attacker, transferring a total of 54,200 ETC in total (worth $271,500 at press time). Gate.io reports that the incident occurred over a period of 4 hours between 0:40 and 4:20 Jan.7, 2019 UTC, during which the …